Oppenheimer Asset Management Inc. Cuts Stake in Wolverine World Wide, Inc. $WWW

Oppenheimer Asset Management Inc. reduced its stake in Wolverine World Wide, Inc. (NYSE:WWW) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 149,456 shares of the textile maker’s stock after selling 4,298 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Wolverine World Wide were worth $2,702,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Hilltop National Bank purchased a new stake in shares of Wolverine World Wide in the second quarter worth $85,000. GAMMA Investing LLC grew its stake in shares of Wolverine World Wide by 48.7% in the second quarter. GAMMA Investing LLC now owns 8,000 shares of the textile maker’s stock worth $145,000 after acquiring an additional 2,619 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Wolverine World Wide by 10.4% in the first quarter. PNC Financial Services Group Inc. now owns 9,132 shares of the textile maker’s stock worth $127,000 after acquiring an additional 863 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Wolverine World Wide in the first quarter worth $163,000. Finally, Sheets Smith Wealth Management grew its stake in shares of Wolverine World Wide by 5.1% in the second quarter. Sheets Smith Wealth Management now owns 13,032 shares of the textile maker’s stock worth $236,000 after acquiring an additional 628 shares during the last quarter. 90.25% of the stock is owned by hedge funds and other institutional investors.

Wolverine World Wide Trading Down 6.7%

Shares of NYSE:WWW opened at $23.17 on Thursday. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 22.72 and a beta of 1.81. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.75 and a current ratio of 1.24. The stock’s 50-day simple moving average is $28.45 and its two-hundred day simple moving average is $22.10. Wolverine World Wide, Inc. has a 52-week low of $9.58 and a 52-week high of $32.80.

Wolverine World Wide (NYSE:WWW) last announced its earnings results on Wednesday, August 6th. The textile maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.12. The business had revenue of $474.20 million for the quarter, compared to analysts’ expectations of $447.82 million. Wolverine World Wide had a return on equity of 31.99% and a net margin of 4.73%.The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.15 earnings per share. Analysts expect that Wolverine World Wide, Inc. will post 1.23 EPS for the current year.

Wolverine World Wide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Friday, January 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, January 2nd. Wolverine World Wide’s dividend payout ratio (DPR) is presently 39.22%.

Insider Activity

In other Wolverine World Wide news, Director Nicholas T. Long sold 12,854 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $31.84, for a total value of $409,271.36. Following the transaction, the director directly owned 76,268 shares of the company’s stock, valued at approximately $2,428,373.12. This trade represents a 14.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brenda J. Lauderback sold 12,854 shares of the firm’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $32.14, for a total value of $413,127.56. Following the completion of the transaction, the director directly owned 48,675 shares in the company, valued at $1,564,414.50. The trade was a 20.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on WWW shares. Piper Sandler reaffirmed an “overweight” rating and set a $25.00 price objective (up from $20.00) on shares of Wolverine World Wide in a research report on Tuesday, August 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wolverine World Wide in a research report on Wednesday, October 8th. KeyCorp reaffirmed an “overweight” rating and set a $32.00 price objective (up from $25.00) on shares of Wolverine World Wide in a research report on Thursday, August 7th. Stifel Nicolaus increased their price objective on Wolverine World Wide from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, August 27th. Finally, UBS Group increased their price objective on Wolverine World Wide from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.71.

Wolverine World Wide Profile

Wolverine World Wide, Inc designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America. It operates through Active Group and Work Group segments. The company offers casual footwear and apparel; performance outdoor and athletic footwear and apparel; kids' footwear; industrial work boots and apparel; and uniform shoes and boots.